Our fees cover all the work required to complete the purchase of your new home, including dealing with registration at the Land Registry and dealing with the payment of Stamp Duty Land Tax (Stamp Duty) if the property is in England, or Land Transaction Tax (Land Tax) if the property is in Wales.
Conveyancer’s Fees And Disbursements
Fee for acting on behalf of the mortgage lender £0
Search fees £160 (approx.)
HM Land Registry fee £135.00
Electronic money transfer fee £35.00
VAT payable £278.93
Disbursements
Disbursements are costs related to your matter that are payable to third parties, such as search fees. We handle the payment of the disbursements on your behalf to ensure a smoother process. There are certain disbursements which will be set out in the individual lease relating to the Property. The disbursements which we anticipate will apply are set out separately below. This list is not exhaustive and other disbursements may apply depending on the term of the lease. We will update you on the specific fees upon receipt and review of the lease from the seller’s solicitors.
Anticipated Disbursements*
Notice of Charge fee (if the property is to be mortgaged) – This fee is set out in the lease. Often the fee is between £60 and £150.
Deed of Covenant fee – This fee is provided by the management company for the property and can be difficult to estimate. Often it is between £100 and £200.
Certificate of Compliance fee – To be confirmed upon receipt of the lease, as can range between £100 – £200.
You should also be aware that ground rent and service charge are likely to apply throughout your ownership of the property. We will confirm the ground rent and the anticipated service charge as soon as this we receive this information.
Stamp Duty Land Tax
This depends on the purchase price of your property. You can calculate the amount you will need to pay by using HMRC’s website or if the property is located in Wales by using the Welsh Revenue Authority’s website. If this is your only property, and it is in England, at a purchase price of £200000 the Stamp Duty will be £1500.
Grand total £3308.93 plus anticipated disbursements which will generally be between £320 and £700 (The sums charged for these are not under the control of Chancery West Law Solicitors).Grand total £3308.93 plus anticipate disbursements which will generally be between £320 and £700 (The sums charged for these are not under the control of Chancery West Law Solicitors).
The precise stages involved in the purchase of a residential leasehold property vary according to the circumstances. However, below we have suggested some key stages that you may wish to include:
Check finances are in place to fund purchase and contact lender’s solicitors if needed
Receive and advise on contract documents
Carry out searches
Obtain further planning documentation if required
Make any necessary enquiries of seller’s solicitor
Give you advice on all documents and information received
Go through conditions of mortgage offer
Send final contract to you for signature
Draft Transfer
Advise you on joint ownership
Obtain pre-completion searches
Agree completion date (date from which you own the property)
Exchange contracts and notify you that this has happened
Arrange for all monies needed to be received from lender and you
Complete purchase
Deal with payment of Stamp Duty/Land Tax
Deal with application for registration at Land Registry
How Long Will My House Purchase Take?
How long it will take from your offer being accepted until you can move in to your house will depend on a number of factors. The average process takes between 10 – 12 weeks. It can be quicker or slower, depending on the parties in the chain. For example, if you are a first-time buyer, purchasing a new build property with a mortgage in principle, it could take 8 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 4 – 6 months. In such, a situation additional charges would apply.
Our Fee Assumes That:
This is the assignment of an existing lease and is not the grant of a new lease
the transaction is concluded in a timely manner and no unforeseen complication arise
All parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation
No indemnity policies are required. Additional disbursements may apply if indemnity policies are required.
Below is list of things you may wish to consider if you use an online quote calculator for conveyancing matters. You could, if you wish, build questions to find out the following information:
first-time buyer
re-mortgage
freehold or leasehold
new build
first registration of title
whether a mortgage or not, or Islamic mortgage
in purchase cases, whether primary residence, buy to let or second/holiday home
multiple owners
shared ownership scheme
using a help to buy scheme, and whether it is an equity loan or ISA
purchase under right to buy
purchase at auction
property has been repossessed
Our Conveyancing/ Property Team/Individual Details Gabriel Enuezie Managing Partner
Gabriel is the head of the conveyancing/ property team. Gabriel qualified as a Solicitor in 2007 and has gained over 11 years’ experience in dealing with conveyancing/ property cases.
Chancery West Law Solicitors
Colchester Business Centre
1 George Williams Way
Colchester
Essex CO1 2JS